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What is the price elasticity of supply?
Price elasticity of supply:
The price elasticity of supply is a measure of the receptiveness of the quantity of a good supplied to price of which good.
Price elasticity of supply = (% change in quantity supplies)/(% change in price)
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What are the uses of time series data?
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Assume in country-A Central Bank cares only about keeping the price level stable & in country-B, its central bank cares only about keeping output & employment at their natural rate
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